Dogwifhat (WIF) memecoin skilled an early bullish sentiment, reaching an intraday excessive of $2.95 and a low of $2.79. However, the WIF token‘s value has now dipped, and bears have taken management of the Dogwifhat market.
Dogwifhat WIF Sees 1.61% Price Drop
At the beginning of the day, Dogwifhat confirmed promise, with bullish buying and selling sentiment driving the worth to an intraday excessive of $2.95. Despite this optimism, the worth quickly fell to $2.81, a 1.61% lower from its peak. This drop coincided with a 33% lower in Dogwifhat‘s 24-hour buying and selling quantity, suggesting a possible decline in market curiosity.
Over the previous week, Dogwifhat has skilled a 5.06% value decline, reflecting persistent bearish strain. Currently, the token’s value is 41.97% decrease than its all-time excessive of $4.85, which reached March 31, 2024. This important drop in each value and buying and selling quantity highlights the market’s waning enthusiasm for Dogwifhat tokens.
WIF Faces Critical Support and Resistance Levels
On the 24-hour value chart, Dogwifhat (WIF) is in a interval of consolidation. The value actions are confined inside a slender vary, indicating a possible section of accumulation or distribution. The Bollinger Bands, with a 20-period SMA, present the higher band at $3.4000 and the decrease band at $2.4710. The value is hovering across the center band at $2.9355, suggesting balanced sentiment amongst merchants.
WIF/USD 24-hour value chart supply: TradingView
The compression of the Bollinger Bands hints at a potential upcoming volatility spike. A breakout above $3.4000 may sign a bullish development, whereas a break under $2.4710 would possibly point out additional draw back. The Moving Average Convergence Divergence (MACD) indicator exhibits bearish momentum. The MACD line at -0.0174 is under the sign line at -0.0180, with the histogram reflecting minor damaging values, indicating weak promoting strain.
Recent candlestick patterns exhibit alternating inexperienced and pink candles, confirming the shortage of robust directional momentum in the Dogwifhat market. The assist degree at $2.4710 and resistance at $3.4000 are crucial ranges to observe. A value break above the resistance may appeal to shopping for curiosity, probably driving the worth greater. Conversely, a fall under the assist degree would possibly set off promoting strain.
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